The arrest warrant was issued by the District Attorney in Queens, New York.

Colbert, 32, is Cantor Gaming's sports book manager. He runs the book at the M Resort. He was charged with eight counts of conspiracy, money laundering and enterprise corruption, the report said.

Seven other arrests were made. These people are not employed by Cantor Gaming, the report said.

The LVRJ reports that the charges involve PinnacleSports.com, the largest offshore sports betting entity, according to unnamed sources. Several agents for Pinnacle were arrested in a bunch of different cities, the report said.

Sources also told the LVRJ that the case does not involve Cantor Gaming.

Cantor Gaming is a really big player in the sports betting scene in Vegas. According to the company's website, Cantor Gaming runs sports books at seven Las Vegas casinos including, the Venetian, Palazzo, M Resort, Hard Rock Hotel and Casino, Tropicana, Cosmopolitan and the Palms.

A professional sports bettor, who will remain anonymous and has met Colbert a few times, tells Business Insider that Colbert is seen as a "very big deal" in Vegas and this news "is a blockbuster."

There will be a press conference today at 11 a.m. by the Queens District Attorney, so check back for updates.

We also reached out to Cantor Fitzgerald for further comment and will update when we hear back.